Spark New Zealand Plans to Buyback Shares Worth NZ$100 million

Spark New Zealand Plans to Buyback Shares Worth NZ$100 million Image Credit: Spark
Spark New Zealand, formely New Zealand Telecoms, last week announced that it plans to undertake an on-market share buyback of up to 40 million ordinary shares for an aggregate purchase price of up to NZ$100 million,  after a series of asset sales which left its balance sheet under-leveraged. The ordinary shares will be acquired this year on the NZX Main Board.
The sales of assets that led to its balance sheet being under-leveraged involve recent diverstment in Telecom Rentals Limited and the sale of its 60% stake in Telecom Cook Islands. According to Spark, the share buyback will ensure that the company's gearing returns to a more appropriate rate, while also maintaining its 'A band' credit rating with Standard & Poor's.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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